Question: 3 Solve the question shown in the image (Non-anonymous question) (5 Points) RT bank pays 8 percent interest, compounded semiannually, on time deposits. Chian Bank

3 Solve the question shown in the image (Non-anonymous question) (5

3 Solve the question shown in the image (Non-anonymous question) (5 Points) RT bank pays 8 percent interest, compounded semiannually, on time deposits. Chian Bank pays 5 percent interest, compounded quarterly. a. Based on effective interest rates, in which bank would you prefer to deposit your money? Give numerical example to justify your answer ( use $3000 deposit, number of years 4)

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